Piramal Enterprises Ltd. on Monday said it has received $900 million (around Rs 6,500 crore) on completing the divestment of stake in its healthcare insights and analytics business to U.S.-headquartered Clarivate Analytics.
The company in January this year announced an agreement for sale of its Decision Resources Group business to Clarivate Analytics for $950 million, and had said it would use the money to reduce debt and to explore organic and inorganic growth opportunities.
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PEL DRG Dutch Hold CoBV, a 100 percent subsidiary of Piramal Enterprises Ltd. and the holding company for DRG, had signed the definitive agreement for sale of DRG business.
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"... the transaction has closed on Feb. 28, 2020, and the company has received the consideration amount of $900 million pursuant to the closing. The remaining $50 million would be received at the end of 12 months from the closing as per the agreed terms," Piramal Enterprises said in a filing to BSE
Shares of Piramal Enterprises were trading at Rs 1,419.85 per scrip on BSE, up 8.61 percent from their previous close.
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